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Range Reports Outstanding 2012 Results

In the Bradford County participating area with Talisman, there were a total of 17 (4.5 net) wells producing, 13 (3.5 net) wells waiting on completion and 24 (6.5 net) wells waiting on pipeline.

In northwest Pennsylvania, Range drilled its first Utica well (50% WI) on its 181,000 net acres. The well encountered 285 feet of Utica/Point Pleasant pay at a depth of approximately 7,000 feet. The well confirmed that we are in the wet gas window and have good pressure. Diagnostics indicate that the well was not effectively stimulated and to date has tested at just over 1.4 Mmcfe per day. However, we are encouraged by the well data and we are monitoring offset activity as we choose the timing of our next test.

Midcontinent Division -

Midcontinent operations in the fourth quarter focused on the Horizontal Mississippian play in Oklahoma and Kansas along the Nemaha Ridge. Recently, the division drilled a well with a 24-hour initial production rate of 812 (710 net) boe per day that was 82% liquids (458 barrels oil, 207 barrels NGLs and 0.9 Mmcf gas) from a lateral that was limited to 2,342 feet due to unit size. With five rigs currently running, completion activity is expected to build late in the first quarter of 2013.

During the fourth quarter, 9 (8.2 net) wells were turned to sales with average lateral lengths of 3,800 feet and 20 frac stages. Average 7-day rates for the completions were 482 (363 net) boe per day with 76% liquids. Additionally, we now have 30-day rates on two of our previously announced 1,000+ boe per day wells that were drilled in the fourth quarter. The Dakota #9-5S achieved a 30-day average rate 802 (654 net) boe per day (348 barrels oil, 265 barrels NGLs and 1.1 Mmcf gas). The Troche #1-4N had a 30-day average of 615 (372 net) boe per day (361 barrels oil, 148 barrels NGLs and 0.6 Mmcf gas). The current leasehold position of approximately 160,000 net acres is expected to be held by production with the drilling schedule we have planned through 2015. A total of 51 Horizontal Mississippian and 17 saltwater disposal wells are expected to be drilled in 2013.

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